Shares drop as OzForex abandons HiFX bid

The share price of listed currency trader OzForex fell when trade opened on Tuesday after it said it had ceased discussions to buy UK rival HiFX.

It is understood the Australian company has been outbid in the private discussions, with speculation putting the price tag at close to $200 million.

If OzForex had acquired HiFX it would have effectively doubled the Australian business’s size.

OzForex’s share price dipped anew to $3.19 at the opening of trading on Tuesday from its Monday close of $3.20. The stock rose sharply last week when it was revealed it was in discussions with HiFX, and reached a high of $3.24 on February 13.